Shibarium, the Ethereum-based Layer 2 blockchain solution in the SHIB ecosystem, is signaling its growing appeal in the crypto community. Accordingly, it has reached an important milestone. Since its public launch in late August 2023, Shibarium has recorded over one million blocks. It has also processed more than 3 million transactions.
An important support for SHIB
This remarkable success is partially attributed to the collective efforts of the SHIB community in promoting token burning. Lucie, a leading member of the Shiba Inu team, encouraged investors to switch from centralized exchanges to Shibarium. This transition is also a way to support and facilitate Shiba Inu token burns, which have been gaining traction lately.
According to Shibariumscan, a blockchain researcher, the number of Shibarium blocks has reached 1,063,594 at the time of writing. This significant growth underscores the growing demand for blockchain features that don’t have scalability issues. This situation, of course, makes a significant contribution to SHIB.
Rapid transaction growth
Shibarium’s layer 2 blockchain has witnessed a steady increase in total transactions. Accordingly, it exceeded a remarkable threshold of 3 million transactions a few weeks ago. This achievement marks another major milestone for the network.
According to data from Shibarium Explorer, the total number of transactions has now reached 3,383,413. Additionally, the number of interacting wallet addresses reached 1,252,888. This further highlights the platform’s expanding SHIB user base.
Shibarium: Ethereum L2 solution
Shiba Inu’s Shibarium is a layer 2 blockchain on the Ethereum network. Launched at the end of August, SHIB serves as a decentralized finance (DeFi) platform designed to offer a more scalable and sustainable infrastructure for transactions. This decentralized alternative aims to reduce dependence on centralized crypto exchanges. Shytoshi Kusama, anonymous co-founder and lead developer of Shiba Inu (SHIB), shared his views on Shibarium’s future strategy. Kusama emphasized the importance of adding validators to the network as a step towards improving security. Although the full plan has not been disclosed, the intent is clear. Accordingly, collaborating with the right people to scale the network effectively.
Shibarium ensures that the Ethereum mainnet receives only valid transactions. Thus, it relies on a network of decentralized validators to maintain the security of the network. Additionally, Shibarium implements the EIP-1559 standard, which offers more predictable gas fees in a BONE-deflationary environment. Validators must deposit 10,000 BONE into Ethereum staking management contracts for Shibarium. On the other hand, node operators are rewarded for their important role in decentralizing the network and maintaining its security. As Kriptokoin.com, all these developments will serve as support for the SHIB price. Accordingly, while writing the article, SHIB price is traded at $ 0.00000689.
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